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The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Tooby James Galbraith
Synopses & Reviews
The cult of the free market has dominated economic policy-talk since the Reagan revolution of nearly thirty years ago. Tax cuts and small government, monetarism, balanced budgets, deregulation, and free trade are the core elements of this dogma, a dogma so successful that even many liberals accept it. But a funny thing happened on the bridge to the twenty-first century. While liberals continue to bow before the free-market altar, conservatives in the style of George W. Bush have abandoned it altogether. That is why principled conservatives — the Reagan true believers — long ago abandoned Bush.
Enter James K. Galbraith, the iconoclastic economist. In this riveting book, Galbraith first dissects the stale remains of Reaganism and shows how Bush and company had no choice except to dump them into the trash. He then explores the true nature of the Bush regime: a "corporate republic," bringing the methods and mentality of big business to public life; a coalition of lobbies, doing the bidding of clients in the oil, mining, military, pharmaceutical, agribusiness, insurance, and media industries; and a predator state, intent not on reducing government but rather on diverting public cash into private hands. In plain English, the Republican Party has been hijacked by political leaders who long since stopped caring if reality conformed to their message.
Galbraith follows with an impertinent question: if conservatives no longer take free markets seriously, why should liberals? Why keep liberal thought in the straitjacket of pay-as-you-go, of assigning inflation control to the Federal Reserve, of attempting to "make markets work"? Why not build a new economic policy based on what is really happening in this country?
The real economy is not a free-market economy. It is a complex combination of private and public institutions, including Social Security, Medicare and Medicaid, higher education, the housing finance system, and a vast federal research establishment. The real problems and challenges — inequality, climate change, the infrastructure deficit, the subprime crisis, and the future of the dollar — are problems that cannot be solved by incantations about the market. They will be solved only with planning, with standards and other policies that transcend and even transform markets.
A timely, provocative work whose message will endure beyond this election season, The Predator State will appeal to the broad audience of thoughtful Americans who wish to understand the forces at work in our economy and culture and who seek to live in a nation that is both prosperous and progressive.
Book News Annotation:
Writing for a general audience, Galbraith (government-business relations, U. of Texas at Austin) proclaims the doctrine of Reagonomics to be "Another God That Failed," in reference to the 1949 book of essays by famous ex-communists, in that its theoretical pillars of monetarism, supply-side economics (including tax cuts and deregulation), balanced budgets, and free trade in fact make up nothing more than a governing myth that serve as a mask for the "predator state," which engages in "the systematic abuse of public institutions for private profit or, equivalently, the systematic undermining of public protections for the benefit of private clients." In addressing what is to be done about this situation, he restricts himself to three essential points: that markets cannot think ahead and therefore we must overcome the taboo against government planning; that the setting of wages and the control of the distribution of pay and incomes must be seen as a social decision and not a market decision and that more egalitarian standards will also promote efficiency; and, presciently (in light of the sub-prime mortgage meltdown and 2008's financial woes), that the United States needs to prepare for the day when its ability to rely on unlimited debt comes to an end Annotation ©2008 Book News, Inc., Portland, OR (booknews.com)
About the Author
James K. Galbraith holds the Lloyd M. Bentsen, Jr., Chair in Government / Business Relations at the LBJ School of Public Affairs at the University of Texas at Austin. He holds degrees from Harvard and Yale. He studied economics as a Marshall Scholar at King's College, Cambridge, and then served on the staff of the U.S. Congress, including as executive director of the Joint Economic Committee. He directs the University of Texas Inequality Project, an informal research group at the LBJ School, is a Senior Scholar of the Levy Economics Institute, and is chair of Economists for Peace and Security, a global professional association.
Table of Contents
1. Whatever Happened to the Conservatives?
7. What the Rise of Inequality Is Really About
11. The Inadequacy of Making Markets Work
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